LNG Imports Continue Flowing Into Europe at High Rates Despite Bearish Fundamentals

High inventories, a bearish demand outlook and forecasts of a mild winter have failed to limit European LNG imports. 

Although Kpler data shows the continent’s total liquefied natural gas intake year-to-date has fallen to 113.68 million tons (Mt) from 114.95 Mt, LNG is still expected to make up around 43% of the European Union’s total gas imports this year, up from 36% in 2022 and 26% in 2021, according to ING Research.

Moreover, Kpler data that includes Turkey also show that Europe has steadily increased imports of the super-chilled fuel since the heating season started in October. The continent took in 10.27 Mt that month and 10.55 Mt in November. 

Energy Aspects’ James Waddell, head of European Gas and Global LNG, told NGI that unless there’s extreme cold, weak...